Asked by Bailey Gardenhire on May 11, 2024
Verified
Allied Industries, Inc. insured an office building for $390,000 for one year at a premium rate of $7.10 per thousand. At the end of nine months, the insurance company canceled the policy. Compute the amount of the refund received by Allied Industries, Inc.
Premium Rate
The price of an insurance policy, typically quoted as a cost per hundred or thousand dollars of coverage.
- Review and estimate the costs and refunds that arise from policy cancellations and modifications in risk protection.
- Analyze the financial implications of insuring properties at various values and understanding short-rate refund policies.
Verified Answer
MR
Learning Objectives
- Review and estimate the costs and refunds that arise from policy cancellations and modifications in risk protection.
- Analyze the financial implications of insuring properties at various values and understanding short-rate refund policies.
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